Audit firm in Singapore Advises 3 Best Practices for Cost-Effective Audit

Auditing is such vital exercise for an organization without an audit firm in Singapore, and if effectively done, it can have a significant impact on the operations of the organization. As much as the main reason for engaging an auditor in Singapore has to do with business legalities, there are a lot more than a company can benefit from apart from ensuring that the financial statements are accurately made. 

Various financial aspects of an organization such as engaging with banks and other financial institutions, shareholders and clients are highly influenced by the credibility of the auditing reports. Any organization that’s serious about gaining that competitive edge in their businesses should be willing to engage a reputable audit firm that can help with carrying out audit tasks effectively. Having knowledge of some of the cost-effective audit practices can be of help when deciding on working with an audit firm.

Here are some of the best practices for a cost-effective audit exercise;

Structure and independence of the audit

When structuring an organization’s audit, it’s advisable that the function remain independent and free from conflict. Working with a reputable auditing firm is recommended as that’s what ensures that auditing tasks are delivered without any conflict or interference from interested parties. If the audit process is to be cost-effective, then it has to be structured appropriately.

Have an Internal Auditor

Having an internal auditor in place can help with making the entire process of a statutory audit to be quite cost-effective. The internal auditor should be involved with tasks such as identifying controls and mitigating the risks that might be existing within the business processes. The internal auditor should be able to test the internal controls for effectiveness and accuracy and also ensures the appropriate corrective measures are taken that ensure the financial statements are correct. 

With the help of an internal auditor, a comprehensive risk assessment can be undertaken that helps with ensuring that all the relevant risks are identified and rated—engaging in such help with harnessing the process of statutory auditing where they don’t have to spend more time on gaining a detailed overview of the audit plan.

Execution of the audit plan

A lot of work goes into the implementation of the audit plan, and that should include taking time to assess the policies, practices, procedures, controls, and a variety of tasks that should be executed if the auditing process is to be a success. Having a clear audit plan is essential as it will help with ensuring that all the measures are taken into consideration to ensure that the auditing process flows well. When drafting an audit plan, it’s important that you engage the audit firm in Singapore that’s mandated with undertaking the audit task as they will be more versed with the various tasks to focus on and the reports they might need to work with.

A statutory audit is quite critical for the success of an organization. Having your financial records worked on by a reputable audit firm in Singapore should be the first step towards having a cost-effective audit as you will be assured of having credible financial reports once the auditing process is complete.

Originally published by OneStop Professional Services